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The Most Ridiculous Loss Aversion Example

Episode 9 of The Brainy Business podcast (which came out today) was the first Behavioral Economics Foundations episode, and it was dedicated to Loss Aversion. In it, after a list of GOOD examples for loss aversion (including those for real estate agents, financial institutions, accountants, business coaches, wedding retailers, and more) I give an example of a very ridiculous pop up that came up on a website trying to sell an online product. Loss Aversion Taken Too Far This is an example of taking loss aversion too far, where you might inadvertently trigger the conscious brain to be flagged for the wrong reasons, and talk your potential customer right out of a sale. It actually does a lot of things[….]

Simple tips to make this ad more brain friendly

While in a mall recently, I saw this advertisement plastered everywhere. Me being me…I analyzed what I saw from a marketing/branding/behavioral economics perspective. (Just ask my very supportive husband, who is very patient when I stop repeatedly wherever we happen to be – airports, malls, whatever – to take pictures of ads I want to post about and analyze in the future.) I knew right away what was wrong with this piece, and my thoughts were echoed via my beloved social media community when I asked them to weigh in yesterday. (Thank you to all who contributed to the conversation!) The “wrong” is pretty obvious. Tracey Warren (of the amazing InSpark Coworking) put it perfectly and succinctly when she commented,[….]

The Problem With Valentine’s Day

My husband didn’t buy me flowers for Valentine’s Day this year, and I couldn’t be happier. He did many other things (booked me a fabulous massage package, signed us up for a wine and painting event, made me breakfast) but he chose not to buy me flowers because they are more than double the price this time of year. I understand traditional economics/supply and demand, so I support his decision. One reason I am ok with this is because he buys me flowers all year round – even when there is no occasion (I promise I am not bragging…there is a point to this). Many complain about Valentine’s Day because of the expectation around the event. They might feel the[….]